The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support
to international institutions.

The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes
sound financial and economic decisions through community development and education programs.

Operational Results
In order to ensure the transparency of its agency mortgage-backed securities (MBS) transactions, the Open Market Trading Desk (the Desk) at the New York Fed publishes historical operational results, including information on the transaction prices in individual operations, at the end of each monthly period shown in the table below. Operational results include agency MBS transactions associated with additional asset purchases and reinvestment of principal payments from agency debt and agency MBS in agency MBS, as directed at times by the Federal Open Market Committee (FOMC), as well transactions associated with small value exercises.

Reinvestment Purchase Amounts*
The Desk's tentative agency MBS purchase amounts associated with the reinvestment of principal payments from agency debt and agency MBS in agency MBS are shown in the table below. Effective October 2017, the amounts listed are approximately equal to the amount of principal payments from agency debt and agency MBS expected to be received during the calendar month in which the amount is announced, to the extent that amount exceeds the cap for that month, as described more fully in the FAQs.

Small Value Exercise Amounts
The Desk conducts agency MBS small value exercises from time to time as matter of prudent advance planning by the Federal Reserve. The exercises are conducted under the annual authorization for domestic open market operations for the purpose of testing operational readiness. They do not represent a change in the stance of monetary policy, and no inference should be drawn about the timing of any change in the stance of monetary policy in the future.

Date

Tentative Reinvestment Purchases**

Operational Results***

February 14, 2018 – March 13, 2018

The Desk plans to purchase approximately $12.7 billion in its reinvestment purchase operations over the noted monthly period. The next release of tentative reinvestment purchase amounts in agency MBS will be at 3 p.m. on March 13, 2018.

Operational results for this period will be released at 3 p.m. on March 14, 2018.

January 16, 2018 – February 13, 2018

The Desk plans to purchase approximately $14.9 billion in its reinvestment purchase operations over the noted monthly period.

The Desk plans to purchase approximately $28 billion in its reinvestment purchase operations over the noted monthly period. This amount is approximately $2 billion greater than the principal payments from agency debt and agency MBS expected to be received over the monthly period, largely due to a computational error that led to a comparable reduction in purchases during the previous monthly period.

The Desk plans to purchase approximately $22 billion in its reinvestment purchase operations over the noted monthly period. It does not plan to conduct agency MBS operations between December 24, 2014 and January 2, 2015. Instead, the Desk will purchase the reinvestment amount through more frequent operations from December 11, 2014 to December 23, 2014 and from January 5, 2015 to January 13, 2015. Purchases on these days, and throughout the period, will continue to be guided by general MBS market conditions, including market liquidity and supply and demand conditions.

The Desk plans to purchase approximately $16 billion in its reinvestment purchase operations over the noted monthly period. This amount is approximately $1 billion less than the $17 billion principal payments from agency debt and agency MBS expected to be received over the monthly period, given that reinvestment purchases conducted in the previous monthly period exceeded the target by approximately $1 billion.

The Desk plans to purchase approximately $14 billion in its reinvestment purchase operations over the noted monthly period. The Desk will be staffed and operational the weeks of December 23, 2013 and December 30, 2013. Purchases on these days, and throughout the period, will continue to be guided by general MBS market conditions, including market liquidity and supply and demand conditions.

The Desk plans to purchase approximately $34 billion in its reinvestment purchase
operations over the noted monthly period. The Desk will be staffed and operational the week of December 24-28 and on December 31, 2012. Purchases on these days, and throughout the period, will continue to be guided by general MBS market conditions, including market liquidity and supply and demand conditions.

An approximate purchase amount of $10 billion was announced in the Desk’s FAQs published on September 26, 2011. This amount represented an approximation of the remainder of principal payments from agency debt and agency MBS to be reinvested in agency MBS over this time, based on the reinvestment schedule released in mid-September.

*Note: MBS purchase amounts published by the Desk are based on already announced FOMC decisions, and make no assumptions about future policy actions. Accordingly, if the FOMC announced a modification to its policy stance with a new policy directive, the Desk would release an updated statement regarding MBS purchases.

**Note: The New York Fed publishes a summary of the most recent SOMA agency MBS transaction activity on its website on a weekly basis.

***Note: As of 12/10/14, the prices in the operational results files were revised for some operations between 10/3/11 and 5/12/14 to be rounded consistently to six decimal places. Previously, the number of decimal places displayed was inconsistent.